China's 'crypto dad' fired after corruption allegations
Date: 2024-11-21 Author: Oliver Abernathy Categories: IN WORLD
The former head of China's central bank's digital currency development department, Yao Qian, has found himself at the center of a corruption scandal. After a months-long investigation, he was expelled from the Communist Party of China. The charges relate to abuse of office for personal gain and corruption schemes involving cryptocurrencies.
Investigation progress
Initially, information about possible violations by Yao appeared in April 2024. Then it became known that he was suspected of "serious violations of discipline and the law." At that time, Yao served as the head of the Science and Technology Supervision Bureau at the China Securities Regulatory Commission.
The investigation found that Yao abused his position by promoting technology service providers and posing as an authoritative expert in the field of financial technology. In addition, he was found to have illegally obtained significant funds and other assets. However, the exact amounts have not been disclosed.
The case materials have already been transferred to the prosecutor's office, and Yao Qian will most likely face trial.
Yao's influence on the blockchain community
Yao Qian is considered one of the key figures in the Chinese blockchain sector. From 2017 to 2018, he led research into central bank digital currencies and earned the nickname "crypto daddy." Even after active work on the CBDC project was completed, Yao continued to study cryptocurrencies and related technologies.
In 2021, he predicted that national digital currencies would be able to interact with the Ethereum blockchain. The following year, he released a book dedicated to the prospects of Web3. And in April 2024, he published an article on Bitcoin ETFs and the peculiarities of cryptocurrency regulation in the United States.
End of career
It is worth recalling that Yao has called central bank digital currencies (CBDCs) the “crown jewel of fintech” since 2017 and has been a vocal advocate for accelerating their adoption. However, his career has been marred by corruption scandals, casting doubt on his legacy in fintech.
